Wall St got an extra boost on Wednesday on the S&P 500 benefitting from a surge of 2.2 percent in U.S. crude oil prices.
In its biggest one day gain last seen seven weeks ago, the S&P energy index climbed 3.2 percent.
Political Concerns in Europe
The political concerns in Europe eased slightly as Italy attempts to form a coalition government after President Sergio Mattarella torpedoed their efforts by refusing to approve their choice of euro sceptic Paolo Savona as economy minister on the weekend.
Restart of Coalition Negotiations
The 5 Star Movement and far-right League party have restarted coalition negotiations, signalling an easing of political turmoil in the country.
Country Auctions 5 & 10 Year Bonds
On Tuesday, investors took to safety assets over concerns of the instability in Italy with a sell-off in Italian bonds. However, the Italian government successful auction of its five and 10 year bonds saw market confidence return that the country could finance itself.
Chief market strategist at Sun Trust Advisory Services in Atlanta, Keith Lerner said that people have taken a step back after Tuesday’s markets reaction, reversing the sell-off, which appeared to be overdone.
Markets
The Dow Jones Industrial Average gained 1.24 percent or 302.45 points to 24,663.9.
The S&P 500 rose 1.29 percent or 34.81 points to 2,724.67.
The Nasdaq Composite gained 0.93 percent, adding 69.01 points to 7,465.61.
The S&P 500 got its biggest boost from Energy Shares as U.S. crude prices surged 2.2 percent with the S&P energy index gaining 3.2 percent.
Salesforce.com, cloud based business software maker gained 2.1 percent while HP Inc computer and printer maker also saw gains of 4.2 percent, both have raised their profit forecasts for the full year.
Data released by ADP, payroll processor showed that there was an increase of 178,000 jobs in the U.S. private sector payrolls in May.
There were 28 new 52 week highs and two new lows posted on the S&P 500 and a record of 193 new highs and 28 new lows on the Nasdaq Composite.
On the NYSE with a 4.48 to 1 ratio advancing issues outnumbered declining ones and there was a 2.78 to 1 ratio favouring advancers on the Nasdaq.
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